CX Daily: BYD Gears Up for Global Electric Car Race
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BYD?/
As the world’s largest auto show dazzled in Shanghai, Chinese electric vehicle maker?BYD Co. Ltd.?caught the limelight?with the debut of several new models including an all-electric SUV marking the company’s fresh foray into the luxury market.
The showcase follows a year when BYD posted astonishing results,?topping global EV makers with record sales of 1.8 million vehicles in 2022.?It was the first year BYD abandoned fossil fuel car production and shifted completely to new-energy vehicles (NEVs).
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China-Brazil?/
China-Brazil ties will not be divided by geopolitical divergence amid escalating U.S.-China tensions, Brazil’s foreign minister said in?a written interview with Caixin,?touting the “extremely rich” potential for future cooperation between the two countries.
Mauro Vieira, Brazil’s top diplomat appointed for the second time in January, said Beijing-Brasilia relations have been repaired following the Brazilian president’s recent visit to China, as the new administration of the South American nation aims to rebuild bridges with its key partners.
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Exports?/
China’s exports?soared 14.8%?year-on-year in U.S. dollar terms in March. The uptrend, which came on a high comparison base from March last year when exports rose 14.7%,?beat market expectations.
March’s strong performance meant that for the first quarter of 2023 as a whole, exports grew 0.5% year-on-year, reversing a?6.8% year-on-year contraction?in the January-February period.
March’s export performance was unusual in the following three aspects.
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REITs?/
China’s top economic planner?is encouraging private capital?to revitalize assets through property rights transactions, mergers and acquisitions, and the purchase and disposal of nonperforming assets.
The National Development and Reform Commission (NDRC) pledged support for eligible private investment projects?to raise funds by setting up infrastructure real estate investment trusts (REITs) that trade publicly.
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Quick hits?/
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领英推荐
Canton Fair?/
Rather than buying finished goods, many foreign corporate customers are increasingly shifting?to ordering only components and assembling the parts in their home countries,?a number of exhibitors at China’s biggest twice-yearly trade exposition?told Caixin, as a way to avoid tariffs and a sign that manufacturing is continuing its move away from China.
Wang Peng (not his real name), a sales representative at a Chinese faucet producer at the?133rd Canton Fair, felt the change when a buyer from India and another from Qatar expressed their interest in buying faucet parts instead of finished products.
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Evergrande?/
The long-running effort to restructure?China Evergrande Group’s multibillion-dollar offshore debt pile?ran into another hurdle?as the U.S. law firm White & Case LLP moved to organize investors opposed to a plan that emerged last month to slash returns and delay repayments.
White & Case called a meeting of offshore debt holders last Friday to discuss the restructuring proposal, Caixin learned from sources.?Those involved haven’t signed onto the plan that’s on the table, which grew out of talks with an ad hoc group of bondholders,?the sources said.
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Hangzhou?/
China’s e-commerce hub Hangzhou?is requiring platform companies?and online food service providers to offer or help obtain social insurance for delivery riders after a series of cases of injury and death on the job exposed riders’ lack of basic benefits and insufficient legal safeguards in the industry.
New rules ensure the more than 330,000 workers?who deliver online orders in the capital of eastern China’s Zhejiang province enjoy the rights they are entitled to, including those covering wages and safety.
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Quick hits?/
Long Read?/
A congregation of some of the world’s most renowned automakers joined other rising Chinese EV companies in the eastern China metropolis to show off their latest models at the ongoing auto show earlier this week. This year, the spotlight shone brightly on electric vehicles, with brands like Geely, BMW and Lotus Cars showcasing their newest EV models, ranging from luxury sports cars to affordable crossovers. The show is scheduled to run through April 27
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